Kids at school are often given money to buy for their lunch or snacks every day. Child benefits in many ways, but only for those kids who are given proper guidance by their parents before handing out the money to them. It is important to give advice to your kids when you are giving them the allowance. Follow the guidelines to help you teach your kids learn to manage their allowance wisely.
- Communication lines should always be open between you and your kids. Let your kids know where their allowance should go for, like letting them know that it is only for their lunch or snacks and not for toys or candies. The communication lines about money terms for your kids needs to have an ongoing conversation and not just once.
- Talking to your kids is not only about how they spend their money, but also how they can save from it and earn if possible. Money management at their early age is a good start for your kids to become successful in their future lives.
- It is your prerogative when to start giving your kids the allowance. But it is necessary that you know exactly the right age of your child where they can manage their allowance properly. Know if your child can responsibly understand the concept of handling their allowance properly. You have to make sure that you only give enough amount of money for your kids. Do not spoil them, or else, they will be big spenders in the future. But do not also give too little that they can’t even buy their food.
- Visiting your kids in their school canteen and assessing them by knowing the foods they need is a good way to know how much they need. Check out the prices of the foods and drinks they usually need for lunch or recess. This will help you know how much they need in a day.
- Talk the money your kid’s needs. Ask your child what basically the foods they need when they are at school and what foods they don’t need.
- As most moms would like their kids to do, having a piggy bank for kid’s saving is advantageous for them. When you are explaining your kids the benefit of earning, you can effectively show to them how can money grows if this is earned.
- Show rewards to your kids from saving their money. Tell them that if they set aside a portion of their allowance, they most likely have the chance to buy their likes after a week or two. Tell them that even a little savings they put to their piggy banks, it will grow bigger if they save.
Sharmanlow, a writer and loving daughter, loves her parents unconditionally. She always make presents to her parents to make them feel loved and appreciated. Last month, she gave her parents a built in barbecue grill and Jacuzzi spa.